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Registration number: 00475453

Fenwood Bowen Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Fenwood Bowen Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fenwood Bowen Limited

Company Information

Directors

Mr S D Bowen

Mrs A L Bowen

Mr S P Webb

Company secretary

Mrs A L Bowen

Registered office

Unit 11 Woolmer Way, Industrial Estate
Bordon
Hampshire
GU35 9QE

Accountants

Howard Smith & Co Limited
Chartered Accountants
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

 

Fenwood Bowen Limited

(Registration number: 00475453)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

257,111

288,192

Current assets

 

Stocks

6

174,355

176,226

Debtors

7

309,995

313,661

Cash at bank and in hand

 

255,388

168,363

 

739,738

658,250

Creditors: Amounts falling due within one year

8

(426,545)

(362,402)

Net current assets

 

313,193

295,848

Total assets less current liabilities

 

570,304

584,040

Creditors: Amounts falling due after more than one year

8

(77,692)

(116,755)

Provisions for liabilities

(62,637)

(53,378)

Net assets

 

429,975

413,907

Capital and reserves

 

Called up share capital

795

795

Capital redemption reserve

205

205

Retained earnings

428,975

412,907

Shareholders' funds

 

429,975

413,907

 

Fenwood Bowen Limited

(Registration number: 00475453)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
Mr S D Bowen
Director

.........................................
Mrs A L Bowen
Company secretary and director

 

Fenwood Bowen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11 Woolmer Way, Industrial Estate
Bordon
Hampshire
GU35 9QE

These financial statements were authorised for issue by the Board on 19 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants under the Coronavirus Job Retention Scheme have been recognised on a straight line basis over the period of furlough.

 

Fenwood Bowen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold improvements

10% on cost

Plant and machinery

10% on cost

Loose tools

10% on cost

Motor vehicles

20% on cost

Intangible assets

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Fenwood Bowen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Due to the coronavirus pandemic the level of rent was reduced for six months and the accounts show the reduced consideration in this accounting period.

Defined contribution pension obligation

The company operates defined contribution schemes for the benefit of its employees.

Contributions to defined contribution plans are recognised as employee benefit expense in the profit and loss account when they are due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

Fenwood Bowen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

330,153

330,153

At 31 October 2023

330,153

330,153

Amortisation

At 1 November 2022

330,153

330,153

At 31 October 2023

330,153

330,153

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Long leasehold land and buildings
£

Loose Tools
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

100,131

4,957

874,606

6,500

986,194

Additions

-

-

18,138

-

18,138

At 31 October 2023

100,131

4,957

892,744

6,500

1,004,332

Depreciation

At 1 November 2022

53,775

4,957

632,770

6,500

698,002

Charge for the year

6,349

-

42,870

-

49,219

At 31 October 2023

60,124

4,957

675,640

6,500

747,221

Carrying amount

At 31 October 2023

40,007

-

217,104

-

257,111

At 31 October 2022

46,356

-

241,836

-

288,192

 

Fenwood Bowen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Work in progress

67,085

45,281

Other inventories

107,270

130,945

174,355

176,226

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

285,315

284,113

Amounts owed by related parties

11

858

-

Prepayments

 

23,822

25,013

Other debtors

 

-

4,535

   

309,995

313,661

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

39,077

39,091

Trade creditors

 

115,971

102,649

Amounts owed to parent company

11

-

217

Taxation and social security

 

104,417

50,875

Accruals and deferred income

 

7,006

6,293

Other creditors

 

160,074

163,277

 

426,545

362,402

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

77,692

116,755

 

Fenwood Bowen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Creditors include bank loans repayable by instalments of £nil (2019 - £19,394) due after more than five years.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

48,525

77,588

Other borrowings

29,167

39,167

77,692

116,755

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,077

29,091

Other borrowings

10,000

10,000

39,077

39,091

Bank borrowings

CBIL Loan is denominated in sterling with a nominal interest rate from January 2021 of 2.99% above base rate, and the final instalment is due on 30 June 2027. The carrying amount at year end is £77,602 (2022 - £106,679).

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,730,000 (2022 - £7,740,000). £11,730,000 of the financial commitments relate to the long lease agreement with the parent company, Longmead Land Limited (2021: £7,740,000). In addition, there are unquantifiable contingent liabilities under the 125 year agreement, which commenced in September 1983.

 

Fenwood Bowen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

169,958

236,126

Contributions paid to money purchase schemes

1,321

1,321

171,279

237,447

Summary of transactions with parent

As at 31 October 2023 the parent company owed Fenwood Bowen Limited £858 (2022: Fenwood Bowen Limited owed the parent company £217).

12

Parent and ultimate parent undertaking

The company's immediate parent is Longmead Land Limited, incorporated in England and Wales.